Airbnb (NasdaqGS:ABNB) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAndrew Slabin - VP of Investor RelationsBrian Chesky - Co-founder and CEOBrian Nowak - Managing DirectorDoug Anmuth - Managing DirectorEllie Mertz - CFOKen Gawrelski - Managing DirectorLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing Director and Head of Internet ResearchRichard Clarke - Managing DirectorConference Call ParticipantsJed Kelly - Managing Director and Senior AnalystJoh ...

Core Insights - Airbnb reported quarterly earnings of 56 cents per share, missing the analyst estimate of 65 cents [2] - Quarterly revenue reached $2.78 billion, surpassing the Street estimate of $2.72 billion [2] - The company recorded fourth quarter gross bookings value (GBV) of $20.4 billion, reflecting a 13% year-over-year increase, and nights/seats booked of 121.9 million, up 10% year-over-year [2] Outlook - Airbnb anticipates first-quarter revenue between $2.59 billion and $2.63 billion, exceeding the analyst estimate of $2.53 billion [3] - Following the earnings report, Airbnb stock increased by 5% to $121.76 in extended trading [3]

Core Insights - The company's business-to-business division is experiencing increased revenue due to a growing number of corporate travel customers, airlines, and banks utilizing Expedia for technology, inventory, and tools to enhance their operations [1] Group 1 - The business-to-business division is a significant revenue driver for the company [1] - Corporate travel customers are increasingly turning to Expedia for support [1] - Airlines and banks are leveraging Expedia's technology and inventory [1]

The vacation rental company posted higher revenue but lower profit, as investments in new business drive up expenses. ...

Core Insights - Airbnb's shares fell 3% in after-hours trading following fourth-quarter results that did not meet analysts' earnings expectations [1] Financial Performance - The company reported a net income of $341 million, or 56 cents per share, down from $461 million, or 73 cents per share, a year earlier, attributed to $90 million in non-income tax matters and planned investments [1] - Revenue increased by 12% to $2.78 billion compared to $2.48 billion in the same period last year, exceeding Wall Street's expectations [2][5] - Gross booking value reached $20.4 billion in the fourth quarter, a 16% year-over-year increase, surpassing the $19.4 billion expected by analysts [4] Operational Metrics - Airbnb reported 121.9 million nights and seats booked in the fourth quarter, a 10% increase from the previous year, exceeding the expected 117.6 million [3] - The company anticipates revenue for the current period to be between $2.59 billion and $2.63 billion, higher than the $2.53 billion expected by analysts [2] Strategic Developments - Airbnb appointed Ahmad Al-Dahle as the new tech chief, previously the head of generative artificial intelligence at Meta, following the departure of the former technology chief [5]

加速包减速，约谈别止步。腊月二十三，小年。携程、去哪儿、飞猪等12家平台，被北京市市场监管局 请去"喝茶"。茶不好喝，话很直接：下架误导产品、禁用12306标识、明码标价——四项整改，条条打 在七寸。 这场约谈，揭开的是一盘盘"灰色火锅"。 所谓"双通道VIP抢票""光速加速包"，乍听是技术赋能，实则是把12306免费候补功能剥皮拆骨、浇上浓 汤，再以三倍价钱端回桌上。消费者花60元买"加速"，平台转手用他的账号提交一个免费候补订单，抢 到票了邀功，抢不到退款了事。稳赚不赔，无本万利。 这不是创新，是障眼法；不是服务，是智商税。 更耐人寻味的是，这12家平台，没有一家是小作坊。携程、美团、滴滴、高德、百度、腾讯——全是互 联网江湖的头部玩家。他们不缺技术，不缺法务，更不缺钱。他们缺的，是对规则的那点敬畏。 这就好比五星级酒店在厨房后门卖地沟油，吃相难看，胆子还大。 有人问：为什么年年春运年年骂，年年治理年年犯？ 答案藏在"约谈"两个字里。约谈是行政提醒，不是行政处罚；是请来喝茶，不是请去法院。若平台算清 了账——违规收益远高于五十万罚款，那约谈就成了生意经："这次整改，下次继续"。 平台称加速，实售旧葫芦。 ...

Financial giants have made a conspicuous bearish move on Expedia Group. Our analysis of options history for Expedia Group (NASDAQ:EXPE) revealed 60 unusual trades.Delving into the details, we found 36% of traders were bullish, while 43% showed bearish tendencies. Out of all the trades we spotted, 32 were puts, with a value of $4,212,652, and 28 were calls, valued at $1,545,343.Projected Price TargetsAfter evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusin ...

Core Insights - The company is experiencing rapid growth and diversifying its revenue streams, particularly in the dining marketplace, which is seen as a valuable long-term growth opportunity [1][2] - A strategic review is underway for The Fork, with potential alternatives being explored to enhance shareholder value while investing in the Experiences strategy [1][2] - The shift towards marketplace businesses is changing the revenue and profit profile, with expectations for marketplace revenue to represent two-thirds of total group revenue by 2026 [3] Financial Performance - In 2025, the company achieved record revenue of $1.9 billion, with Experiences growing by 10% and The Fork by 22%, offsetting declines in legacy segments [4][20] - Adjusted EBITDA for the group was $319 million, representing 17% of revenue, with a focus on profitable growth in Experiences and The Fork [4][21] - The Fork's revenue in Q4 was $57 million, reflecting 18% growth, while full-year revenue reached $221 million, a 22% increase [30][31] Market Strategy - The company aims to solidify its leadership in the Experiences market, leveraging its assets for an AI-enabled future and simplifying legacy offerings [2][5] - The Experiences segment is expected to contribute over 50% of total revenue by 2026, with a focus on improving unit economics and customer loyalty [3][39] - The company is enhancing its marketing efficiency and expanding its supply base to attract new customers, with a significant increase in bookings and gross booking value (GBV) [7][11] AI and Innovation - The company launched an AI-native MVP to enhance user experience and drive personalization, with early data indicating improved engagement and monetization [14][70] - Partnerships with AI platforms are being explored to leverage user-generated content (UGC) and improve conversion rates [15][74] - The focus on AI is expected to drive significant growth in the Experiences market, with a commitment to continuous innovation [13][70] Future Outlook - For 2026, the company anticipates modest consolidated revenue growth, with marketplace businesses expected to represent approximately two-thirds of total revenue [38][39] - Experiences revenue is projected to grow in the low teens, while The Fork is expected to see growth in the low to mid-teens [40][41] - The company is managing its Hotels and Other segment for profitability, anticipating revenue declines due to SEO traffic headwinds [41][42]

Financial Data and Key Metrics Changes - The company achieved record high revenue of $1.9 billion in 2025, reflecting a 3% growth year-over-year, with a 10% growth in experiences and a 22% growth at TheFork, offsetting an 8% decline in hotels and other segments [4][19] - Group adjusted EBITDA was $319 million, or 17% of revenue, with Q4 adjusted EBITDA at $45 million, or 11% of revenue, which was at the low end of expectations [4][19] - Experiences adjusted EBITDA margin was 10% for the full year, making it the most profitable scaled experiences platform globally [28] Business Line Data and Key Metrics Changes - Marketplace businesses represented 61% of group revenue in 2025, with experiences expected to contribute over 50% of revenue and roughly 40% of adjusted EBITDA in 2026 [5][36] - Experiences segment saw bookings grow by 18% in Q4, with revenue growing 10% to $204 million, while TheFork's revenue in Q4 was $57 million, representing an 18% growth [22][28] - Hotels and other segment revenue declined by 15% in Q4, with a full-year decline of 8% to $750 million [29] Market Data and Key Metrics Changes - The online experiences market is expected to grow by double digits over the next few years, with the company seeing strong demand signals and increasing market share [8][50] - TheFork's B2C channel bookings grew 9%, while B2B subscription revenue grew at a higher rate, indicating strong value proposition [28] Company Strategy and Development Direction - The company is focusing on becoming an experiences-first company, exploring strategic alternatives for TheFork to unlock shareholder value while simplifying legacy offerings [6][17] - Plans include extending leadership in experiences globally, leveraging AI for enhanced customer engagement, and improving marketing efficiency [6][14] - The company aims to balance growth and profitability, with a focus on repeat customers and expanding into new geographies [12][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the experiences market's growth potential, with expectations for continued acceleration in bookings and revenue in 2026 [36][41] - The company anticipates modest consolidated revenue growth in 2026, driven by marketplace businesses, while facing structural traffic headwinds in legacy segments [36][39] - Management highlighted the importance of leveraging AI to enhance user experience and drive conversion rates [14][68] Other Important Information - The company repurchased 6.1 million shares in 2025, reducing share count by approximately 21% since the end of 2024 [34] - Operating cash flow for the full year was $245 million, with free cash flow at $163 million, indicating a strong capital structure [33] Q&A Session Summary Question: Can you characterize the incremental growth investments in the experiences business? - Management sees the experiences market as attractive and growing faster than other travel categories, with plans to invest further to drive global leadership [47][50] Question: Regarding experiences margin expansion, why not focus on customer acquisition instead of margin? - Management emphasized that profitability is driven by marketing efficiencies and repeat customer growth, while still being open to customer acquisition investments [55][56] Question: Can you elaborate on the AI native MVP launched in Q4? - The AI native MVP aims to provide personalized recommendations and improve user engagement, with early data showing higher engagement compared to previous efforts [68] Question: What are the economics behind traffic from large AI platforms? - Management noted that AI-driven traffic tends to be higher intent, leading to stronger conversions, and is growing faster than traditional SEO traffic [71][72]

Financial Data and Key Metrics Changes - The company achieved record high revenue of $1.9 billion in 2025, reflecting a 3% growth year-over-year, with a group adjusted EBITDA of $319 million, or 17% of revenue [4][19] - In Q4, consolidated revenue was $411 million, flat compared to the previous year, with adjusted EBITDA of $45 million, or 11% of revenue [19][20] - Experiences segment revenue grew 10% to $204 million in Q4, while full-year revenue reached $924 million, also a 10% increase [23][28] Business Line Data and Key Metrics Changes - Marketplace businesses represented 61% of group revenue in 2025, with experiences expected to contribute over 50% of revenue and roughly 40% of adjusted EBITDA in 2026 [5][6] - TheFork segment revenue grew 18% in Q4 to $57 million, with full-year revenue of $221 million, representing a 22% increase [28][29] - Hotels and other segment revenue declined 15% in Q4 to $151 million, with a full-year decline of 8% to $750 million [29][30] Market Data and Key Metrics Changes - The experiences market is expected to grow by double digits over the next few years, with the online portion growing at 13% from 2019 to 2025 [8][47] - The company reported that repeat bookings are the fastest-growing cohort, comprising the majority of gross booking value (GBV) [24][12] - TheFork's B2B subscription revenue grew significantly, driven by the adoption of higher-priced premium plans by restaurants [16][28] Company Strategy and Development Direction - The company is focusing on becoming an experiences-first company, streamlining legacy offerings while exploring strategic alternatives for TheFork [6][7] - Plans include leveraging AI to enhance customer experience and optimize marketing efficiency, with a goal to simplify operations and improve profitability [14][18] - The company aims to extend its leadership in the experiences market globally and invest in capturing more market share [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the experiences market, citing strong demand signals and the ability to exceed market growth rates [47][50] - The company anticipates modest consolidated revenue growth in 2026, driven by a shift towards marketplace businesses, while facing headwinds in legacy segments [36][39] - Management highlighted the importance of repeat customers and the potential for increased profitability through improved marketing efficiencies [24][56] Other Important Information - The company repurchased 6.1 million shares in 2025, reducing share count by approximately 21% since the end of 2024 [34] - Operating cash flow for the full year was $245 million, with free cash flow of $163 million, reflecting strong cash generation capabilities [33] Q&A Session Summary Question: Can you characterize the incremental growth investments in the experiences business? - Management sees the experiences market as attractive and growing faster than other travel categories, with plans to invest in marketing to capture demand [46][47] Question: Regarding experiences margin expansion, why not focus on customer acquisition instead of margin? - Management emphasized the balance between growth and profitability, focusing on marketing efficiencies and repeat customer growth [54][56] Question: Can you elaborate on the AI native MVP launched in Q4? - The AI native MVP aims to enhance personalization and user engagement, leveraging user-generated content to build trust and improve conversion rates [64][68] Question: What are the economics behind traffic from large AI platforms compared to traditional SEO? - Management noted that AI-driven traffic tends to be higher intent, leading to stronger conversions, and they are excited about the growth potential in this area [70][72] Question: How is the geographic expansion for experiences being approached? - The company is focusing on building supply in new markets while also marketing North American experiences in new points of sale [76][80]